SOUTH CHINA MORNING POST: "Yam maintains caution on Y2K risk " - 'The Hong Kong Monetary Authority has warned the banking sector of a possible continuing danger from Y2K bugs'greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Friday, January 7, 2000
Yam maintains caution on Y2K risk PETER CHAN
The Hong Kong Monetary Authority has warned the banking sector of a possible continuing danger from Y2K bugs.
In his weekly Internet column, HKMA chief executive Joseph Yam Chi-kwong - while announcing the financial sector's triumph in "defeating the Y2K bug" - said the "danger is not over yet".
Nonetheless, he said, "smooth experience in the financial markets and at retail banks over the last few days gives us every reason for confidence that the Y2K problem is behind us."
The Y2K bug refers to the inability of some computers to recognise the change of the millennium because they use only two digits to record the year.
Computer experts have warned that in addition to January 1 this year, which the sector had gone through without major hiccups, there would be a few more critical days during which problems might arise.
Mr Yam said the HKMA would continue to monitor events relating to this issue and reactivate its event management centre on those critical dates and whenever circumstances required.
He denied the accusation that the financial sector had taken the Y2K bug problem too seriously.
"Our monetary and financial systems are far too essential a part of Hong Kong's way of life for things to be left to chance," Mr Yam said.
"Much of the money spent on tackling the Y2K problem will have practical long-term benefits through upgrading equipment and systems."
-- John Whitley (firstname.lastname@example.org), January 06, 2000
You see, these Chinese are novice capitalists, and so they occasionally let slip with something less than totally self-serving.
-- (email@example.com), January 07, 2000.